Comparison
Tender offer vs IPO
Side-by-side: a private one-off liquidity event vs a public continuous market.
| Attribute | Tender offer | IPO |
|---|---|---|
| Liquidity type | One-off, partial | Continuous, ongoing |
| Market | Private — defined eligibility list | Public — anyone with a brokerage account |
| Pricing mechanism | Single fixed price | Underwritten then market-determined |
| Regulatory load | Lighter (private rules) | Heavy (public registration, ongoing reporting) |
| Time required | ~90 days | 6–18 months typical |
| Effect on company structure | Minimal — cap-table changes only | Significant — public reporting, governance |